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Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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22/08/2018 | ESMA33-128-474 | Final Report on Technical standards on disclosure requirements under the Securitisation Regulation | Securitisation | Final Report | PDF 3.12 MB |
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11/05/2005 | 05-274 | Feedback Statement- Market Abuse Directive, Level 3 – first set of guidance and information on the common operation of the Directive | Market Abuse | Final Report | PDF 79.76 KB |
http://www.cesr-eu.org/data/document/05_274.pdf | |||
22/11/2007 | 07-693 | Report on Administrative Measures and Sanctions available in Member States under the Market Abuse Directive (MAD) | Market Abuse | Final Report | PDF 3.44 MB |
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28/02/2008 | 08-099 | CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive | Market Abuse | Final Report | PDF 874.1 KB |
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07/07/2011 | 2011/194 | Report- Mapping of the Transparency Directive | Supervisory convergence | Final Report | PDF 1.15 MB |
Report - Mapping of the Transparency Directive | |||
18/01/2011 | 2011/26 | Summary Report on the mapping of contingency measures | Supervisory convergence | Final Report | PDF 93.63 KB |
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26/04/2012 | 2012/270 | Actual use of sanctioning powers under MAD | Supervisory convergence | Final Report | PDF 1.55 MB |
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010. The results of the report will provide input to the legislative process on the new market abuse regime. | |||
24/05/2012 | 2012/300 | Prospectus Directive – Good Practices in the approval process | Supervisory convergence | Final Report | PDF 467.38 KB |
The European Securities and Markets Authority (ESMA) has published today “Prospectus Directive – Good Practices in the approval process“, a peer review report on the application of regulatory good practices by national supervisory authorities - competent authorities (CA) when approving investment prospectuses.The review was conducted using good practice criteria that ESMA developed on selected areas of the Prospectus Directive dealing with the approval process for investment prospectuses. The prospectuses provide investors with easy to understand and relevant information on investment products. Peer review reports on national regulators’ procedures contribute to ESMA’s objective of fostering supervisory convergence and achieving a level playing field between jurisdictions. | |||
06/07/2012 | 2012/387 | Final report Guidelines on certain aspects of the MiFID suitability requirements | Guidelines and Technical standards, MiFID - Investor Protection | Final Report | PDF 444.15 KB |
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01/07/2013 | 2013/805 | Supervisory Practices under MAD- Peer review report and Good Practices | Market Abuse, Supervisory convergence | Final Report | PDF 1.17 MB |
ESMA's peer review of the supervisory practices EEA national competent authorities (NCAs) covers how national authorities enforce the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse. | |||
01/07/2013 | 2013/806 | Supervisory Practices under MAD- Mapping Report | Market Abuse, Supervisory convergence | Final Report | PDF 315.44 KB |
ESMA's Mapping Report on Supervisory Practices under MAD sets out the situation in each Member State as regards their implementation of the various requirements of the Market Abuse Directive. | |||
11/12/2014 | 2014/1485 | MiFID – Conduct of Business, fair, clear and not misleading information | Supervisory convergence | Final Report | PDF 614.16 KB |
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: • enhanced use of on-site inspections and thematic reviews; • a specific focus on conduct of business issues in firms’ risk assessments; and • greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom. | |||
28/09/2015 | 2015/1455 CBA | Cost analysis for Final Report on MAR technical standards | Market Abuse | Final Report | PDF 2.59 MB |
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22/12/2015 | 2015/1905 | MAD Supervisory Practices peer review follow-up | Market Abuse, Supervisory convergence | Final Report | PDF 239.64 KB |
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25/02/2015 | 2015/494 | Best Execution under MiFID | MiFID - Investor Protection, Supervisory convergence | Final Report | PDF 761.62 KB |
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain. | |||
18/03/2015 | 2015/592 | Automated Trading Guidelines- ESMA peer review among National Competent Authorities | Supervisory convergence | Final Report | PDF 930.33 KB |
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30/06/2016 | 2016/1055 | Peer Review Report on Prospectus Approval Process | Prospectus, Supervisory convergence | Final Report | PDF 1.23 MB |
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26/07/2016 | 2016/1171 | Final Report Draft Implementing Technical Standards on sanctions and measures under MAR | Market Abuse, Market Integrity | Final Report | PDF 929.78 KB |
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30/09/2016 | 2016/1412 | Final Report on MAR Guidelines on commodity derivatives | Guidelines and Technical standards, Market Abuse, Market Integrity | Final Report | PDF 566.52 KB |
Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016. Contents Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation. Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines. Next steps The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.
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10/10/2016 | 2016/1451 | Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II | Guidelines and Technical standards, MiFID - Secondary Markets | Final Report | PDF 388.3 KB |